Lifeline for GAME: OpCapita Extends Buyout Offer
Written Wednesday, March 14, 2012 By Lee BradleyView author's profile
At the forefront of the kerfuffle is OpCapita. The company, which owns Comet, has reportedly tabled an offer to pay off GAME’s debts to both lenders and suppliers, according to The Times. Despite this, however, it is not known whether GAME Group intends to accept the offer.
Meanwhile, MCV are reporting that US retail chain Walmart has also contacted the retailer to discuss a possible acquisition. The trade paper speculates that Walmart may want to keep GAME running purely as an online enterprise. Walmart has declined to comment.
The Financial Times are also reporting that Hilco are also considering a bid, however it looks as if they are only interested in GAME’s international business.
As activity hots up, US investment fund Blueshore Global Equity purchased an 8.35% stake in the company. It is believed that they are merely looking to cash in on any buy-outs.
Furthermore, The Independent reckon GameStop also has its eyes on GAME, though it is believed that they will wait for the retailer to go into administration first, with a hope to pick up the business on the cheap.
All of which seems to put OpCapita in the driving seat. They’ll have to move fast. GAME will go into administration next Sunday, unless a deal is reached.